Bitcoin has been on a downtrend trajectory since past couple of weeks and is currently trading at around $7,000. Despite its downturn, Fundstrat Global Advisors' managing partner Tom Lee says the cryptocurrency is gradually regaining market share - which should comfort bitcoin buffs. Lee, who is a Wall Street bull, said on CNBC's Fast Money show:

"The news that we have seen, from the SEC saying bitcoin's a commodity, to ... the potential for an [exchange-traded fund] is causing investors to decide that bitcoin is the best house in a tough market."

Lee was referring to the U.S. Securities and Exchange Commission (SEC).

Bitcoin, in fact, has been seeing declines since briefly hitting near $20,000 in December 2017. It dropped below $6,000 at the end of June - its lowest value all year. The leading cryptocurrency then rallied, approaching $8,400 in July, before tumbling back down to around $7,000 in recent days.

"Bitcoin isn't broken if it's holding at these levels. I think people are afraid it is going to go back down to $6,000 and never come back from those bear markets," Lee said.

Bitcoin may not be reacting outright to the news, but the true sign of its return, Lee argued, is the regaining of its market share.

At the start of 2017, bitcoin claimed about 80 percent of the overall cryptocurrency market. About a year later, by January, bitcoin's market share has dropped to only about 36 percent. However, it went on to creep up for the rest of the year. In the past couple of weeks, bitcoin's market share has soared to its highest level all year to around 48 percent, Lee said.

Vivek is a computer engineer by education and a cryptocurrency & blockchain enthusiast by profession. He has been into cryptocurrency space since 2014 and has worked with various online media sites like Newsient, Technostalls, etc. in the past. Vivek believes that since the crypto industry is at a nascent stage, speculations and rumours are on the rise. He, therefore, envisions to cater the right news in the right form to help the audience separate wheat from the chaff. Vivek is also an active speaker at various tech and blockchain events and has been featured in the mainstream media such as Times of India, Hindustan Times, The Hindu Business Line, etc.

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